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Home > News & Events > 2007 Other Announcements

Press Release

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Release Date: January 12, 2007
For immediate release
The Federal Reserve Board on Friday approved changes to its Policy on Payments System Risk
that revise the Board's expectations for systemically important payments and settlement systems
subject to its authority and update and clarify the policy with regard to central counterparties.
Under the revised policy, systemically important payments and settlement systems subject to the
Board's authority are expected to complete and disclose publicly self-assessments against the
principles and minimum standards in the policy. The self-assessment should be reviewed and
approved by the system's senior management and board of directors upon completion and made
readily available to the public. In addition, a self-assessment should be updated following material
changes to the system or its environment and, at a minimum, reviewed by the system every two
years.
The Board expects each systemically important system subject to its authority to complete and
publish its initial self-assessment by December 31, 2007. The Board will communicate directly
with each system expected to complete a self-assessment.
The revisions also incorporate the Recommendations for Central Counterparties developed by the
Committee on Payment and Settlement Systems of the central banks of the Group of Ten
countries and the Technical Committee of the International Organization of Securities
Commissions. These recommendations will serve as the Board's minimum standards for central
counterparties identified as systemically important and subject to the Board's authority. This
change is consistent with past revisions that updated the policy in light of new international risk
management standards for payments and securities settlement systems.
The Board's notice is attached.
Attachment (110 KB PDF)

2007 Other Announcements

Last update: January 12, 2007

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